Hello All, My husband and I are toying around with the idea of buying a 9 room inn that has owners' quarters. I am absolutely in love with the property and idea of running this inn. I have all kinds of creative ideas to create holiday and special events, social media interest, and expand the business with small group/event offerings. I know I can improve the decor a bit and make it a bit more updated. It looks very nice now though- they have done a great job with it. This turn key successful inn is located in a tourist town and ideally located for high revenue since it is in walking distance to all the action.
We are late forties empty nesters and really tired of our jobs which we have been doing for forever. We can put down a sizable down payment on this property and so the mortgage would be pretty low. The inn generates a nice net income for the current owners. Husband would plan to work a few more years to keep the cash flow coming in. My question is if I am seeing the buying of this inn with very rosy colored glasses? I picture waking up in the mornings and making the buffet breakfast, cleaning up, and then the rest of the day would be spent attending to the reservations, incoming guests, logistical tasks, and general property upkeep. I was hoping it would generally on a day to day basis be pleasant and reasonably relaxed once we get our systems in place. We would definitely hire some cleaners to do the turnover cleaning each day. I think that would be too grueling day in, day out to clean the rooms. Husband loves to cook, fix things around house, and enjoys landscaping. I am good with people and generally friendly and patient.
The high season would be March- early November for this inn and then the other months would be slower so it seems we could take a breather in the off months. I guess I am worried that I am underestimating the amount of hard work this would be. Maybe we would always feel 'on' with no break from the inn, no downtime. Maybe we would become very tired, jaded of dealing with demanding people over time. Maybe we would feel oppressed by constantly having to cater to people to get good reviews. Maybe the reservations and guests could be fraught with endless complications and issues and it would be hard to relax anticipating the next crisis. I guess I am just worried that we could be signing up for a life of never-ending, grueling, non stop work, work, work, work with no relaxation or downtime. At least with our current jobs, we are home in the evenings and have weekends to ourselves. The running of an inn might mean goodbye to that and always feeling 'on' ultimately oppressed and burdened by it.
I wonder if the dream could turn nightmare and we would regret ever doing it in the first place. I guess my question is mainly if the dream of a generally pleasant, overall satisfying career and life of running an inn is realistic and feasible? Has this been your experience with your inn? Or were the negative things I listed more in line with reality based on your own experiences? Or maybe something in the middle of that like many jobs end up being?
We are both reasonably competent people who can manage jobs, careers, life fine so we should have the skills to carry on the current innkeepers' success with some training and a little adjustment time. I just wonder about realistic quality of life, satisfaction, enjoyment factors with being innkeepers. Sorry for rambling on and on a bit. Just trying to get these swirling thoughts in my head out which are all over the place at the moment. Thanks in advance for any feedback!
We are late forties empty nesters and really tired of our jobs which we have been doing for forever. We can put down a sizable down payment on this property and so the mortgage would be pretty low. The inn generates a nice net income for the current owners. Husband would plan to work a few more years to keep the cash flow coming in. My question is if I am seeing the buying of this inn with very rosy colored glasses? I picture waking up in the mornings and making the buffet breakfast, cleaning up, and then the rest of the day would be spent attending to the reservations, incoming guests, logistical tasks, and general property upkeep. I was hoping it would generally on a day to day basis be pleasant and reasonably relaxed once we get our systems in place. We would definitely hire some cleaners to do the turnover cleaning each day. I think that would be too grueling day in, day out to clean the rooms. Husband loves to cook, fix things around house, and enjoys landscaping. I am good with people and generally friendly and patient.
The high season would be March- early November for this inn and then the other months would be slower so it seems we could take a breather in the off months. I guess I am worried that I am underestimating the amount of hard work this would be. Maybe we would always feel 'on' with no break from the inn, no downtime. Maybe we would become very tired, jaded of dealing with demanding people over time. Maybe we would feel oppressed by constantly having to cater to people to get good reviews. Maybe the reservations and guests could be fraught with endless complications and issues and it would be hard to relax anticipating the next crisis. I guess I am just worried that we could be signing up for a life of never-ending, grueling, non stop work, work, work, work with no relaxation or downtime. At least with our current jobs, we are home in the evenings and have weekends to ourselves. The running of an inn might mean goodbye to that and always feeling 'on' ultimately oppressed and burdened by it.
I wonder if the dream could turn nightmare and we would regret ever doing it in the first place. I guess my question is mainly if the dream of a generally pleasant, overall satisfying career and life of running an inn is realistic and feasible? Has this been your experience with your inn? Or were the negative things I listed more in line with reality based on your own experiences? Or maybe something in the middle of that like many jobs end up being?
We are both reasonably competent people who can manage jobs, careers, life fine so we should have the skills to carry on the current innkeepers' success with some training and a little adjustment time. I just wonder about realistic quality of life, satisfaction, enjoyment factors with being innkeepers. Sorry for rambling on and on a bit. Just trying to get these swirling thoughts in my head out which are all over the place at the moment. Thanks in advance for any feedback!
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